Disclaimer:
I shamelessly stole this from another thread in this forum.
Andreas Antonopoulis addressed this at 49:13 in this video:
http://www.youtube.com/watch?v=bTPQKyAq-DM#t=2942
Topic: Is Bitcoin about to be 51%ed??? - page 3. (Read 5175 times)
in the end greed always wins 
trusting a company with your interests is not a decentralized system
+1trusting a company with your interests is not a decentralized system
Bitcoin is based on greed!
I strongly disagree that Bitcoin is based on greed.
Bitcoin is suppose to be a way to stop greed by decentralizing money. When you have central payment processors the payment processors will have an outsized level of profits.
Exactly. It would be more accurate to say it is based on rational self interest.
BTC combines the good features of capitalism and communism.
People work for the greater good by protecting the network (and thus their investment in mining hardware and bitcoins themselves) while still allowing a free market economy to flourish with near instant, secure, trust-less payments.
I think this is pretty serious.
I remember in October we had over 1k nodes, now we have 200.
GHash has mined 5 blocks in a row today.
Bitcoin is totally centrallized. Even if GHash is trustworthy it would be a walk in the park for the US or a US bank to take over GHash now and just destroy BTC.
If we don't fix this i don't think btc has a realistic chance.
I remember in October we had over 1k nodes, now we have 200.
GHash has mined 5 blocks in a row today.
Bitcoin is totally centrallized. Even if GHash is trustworthy it would be a walk in the park for the US or a US bank to take over GHash now and just destroy BTC.
If we don't fix this i don't think btc has a realistic chance.
Please educate yourself on this. Spreading overblown fear is worse for bit coin than Ghash.io
I think this is pretty serious.
I remember in October we had over 1k nodes, now we have 200.
GHash has mined 5 blocks in a row today.
Bitcoin is totally centrallized. Even if GHash is trustworthy it would be a walk in the park for the US or a US bank to take over GHash now and just destroy BTC.
If we don't fix this i don't think btc has a realistic chance.
I remember in October we had over 1k nodes, now we have 200.
GHash has mined 5 blocks in a row today.
Bitcoin is totally centrallized. Even if GHash is trustworthy it would be a walk in the park for the US or a US bank to take over GHash now and just destroy BTC.
If we don't fix this i don't think btc has a realistic chance.
I feel uneasy about this. All it takes is GHash.IO pool operators to turn "rogue" and double spending coins like crazy. In theory, it'll hurt their Cex.io cloud business and yada yada but do we really know their true intentions?
Not panicking, but uneasy for sure.
Not panicking, but uneasy for sure.
Still at 48%. Again, I don't see double spending as a serious threat.
But a big dead certain bet on derivatives, followed by a fork panic selloff could have devastating effects.
And the most uncomfortable fact is, that there is no quick fix for it. They have you completely by the balls.
The dollar and other fiat are already 1%ed, nothing that bad can or will ever happen to Bitcoin.
in the end greed always wins
trusting a company with your interests is not a decentralized system
+1trusting a company with your interests is not a decentralized system
Bitcoin is based on greed!
I strongly disagree that Bitcoin is based on greed.
Bitcoin is suppose to be a way to stop greed by decentralizing money. When you have central payment processors the payment processors will have an outsized level of profits.
Exactly. It would be more accurate to say it is based on rational self interest.
*AWOOOOOGA AWOOOOOGA*
Deploying my 45GHs Jally & R-box to fight of the 51% horde...
*AWOOOOOGA AWOOOOOGA*
Deploying my 45GHs Jally & R-box to fight of the 51% horde...
*AWOOOOOGA AWOOOOOGA*
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
Greed implies a vice of over selfishness. You could say that miners have a rational self interest to earn block rewards, which is also in the best interest of the community because it provides network security.
in the end greed always wins
trusting a company with your interests is not a decentralized system
+1trusting a company with your interests is not a decentralized system
Bitcoin is based on greed!
I strongly disagree that Bitcoin is based on greed.
Bitcoin is suppose to be a way to stop greed by decentralizing money. When you have central payment processors the payment processors will have an outsized level of profits.
in the end greed always wins
trusting a company with your interests is not a decentralized system
trusting a company with your interests is not a decentralized system
Greed winning means they don't do anything malicious with their hashing power because it is counter to their financial interest to do it. Yay for greed.
in the end greed always wins
trusting a company with your interests is not a decentralized system
+1trusting a company with your interests is not a decentralized system
Bitcoin is based on greed!
This is serious shit going down.
http://newsbtc.com/2014/06/08/bitcoin-community-abuzz-ghash-ios-uncomfortably-high-hashrate/
Ghash.io at 47% hashrate for the last 24 hours.
Currently between 39-42%.
Just knock off one of the other big pools and its FORKING TIME.
http://newsbtc.com/2014/06/08/bitcoin-community-abuzz-ghash-ios-uncomfortably-high-hashrate/
Ghash.io at 47% hashrate for the last 24 hours.
Currently between 39-42%.
Just knock off one of the other big pools and its FORKING TIME.
Even if ghash gets over 51% of the network doesn't mean they would attack it via a 51% attack. They have an enormous amount invested in the BTC economy and if they were to successfully launch a 51% attack the confidence and price of bitcoin would be greatly reduced.
in the end greed always wins
trusting a company with your interests is not a decentralized system
trusting a company with your interests is not a decentralized system
Ehhh nothing bad happened yet. Although I don't like to 'trust them' to take care of the network - I am more concerned with the fact they're not slowing down and that they're still the best option for mining, thus, the problem is with the miners and their incentive structure.
in the end greed always wins
trusting a company with your interests is not a decentralized system
trusting a company with your interests is not a decentralized system
legendary
Activity: 1302
Merit: 1008
Core dev leaves me neg feedback #abuse #political
I doubt they would ruin the Bitcoin network with a 51% attack. CEX.io, who owns GHash would rather keep CEX.io open for an extra 10 years, etc... Since it would be more profitable than to suddenly run away with BTC gained from double spending.
That would be my opinion but cannot be guaranteed.
That would be my opinion but cannot be guaranteed.
Mining monopoly (mining 100% of blocks) is bigger threat than double spend if entity gains 51%. More damage .. more profits ...and arguably not even fraudulent or dishonest.
Make no mistake. No pool should be allowed anywhere near 50%.
I doubt they would ruin the Bitcoin network with a 51% attack. CEX.io, who owns GHash would rather keep CEX.io open for an extra 10 years, etc... Since it would be more profitable than to suddenly run away with BTC gained from double spending.
That would be my opinion but cannot be guaranteed.
That would be my opinion but cannot be guaranteed.
I don't think they will undermine their own business model. How much can they make out of double spending before somebody detects it and bitcoin looses all its value due to the loose of trust?
They are not idiot. So they wont do double spending except for certain very specific transactions. That is not a big threat here. The threat is they are hiding their real power. By showing real power, they can force price drop at any point of time and again hiding it they can take the price up.
I don't think they will undermine their own business model. How much can they make out of double spending before somebody detects it and bitcoin looses all its value due to the loose of trust?
I feel uneasy about this. All it takes is GHash.IO pool operators to turn "rogue" and double spending coins like crazy. In theory, it'll hurt their Cex.io cloud business and yada yada but do we really know their true intentions?
Not panicking, but uneasy for sure.
Not panicking, but uneasy for sure.
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